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Help to Buy question

  • 04-09-2017 1:27pm
    #1
    Tusky
    Registered Users, Registered Users 2 Posts: 17,080 ✭✭✭✭


    Let's say you want to buy a new build apartment for €260k as a first-time buyer.

    The help to buy scheme should be worth €13k (5%). But everything I've read suggests you can only claim that back after you've bought the property.

    So in the above scenario, you would have to save a deposit of €26k + mortgage of €234k, and then you claim back the €13k after the sale.

    Is that correct?


Comments

  • #2
    morrga
    Registered Users, Registered Users 2 Posts: 553 ✭✭✭morrga


    Tusky wrote: »
    Let's say you want to buy a new build apartment for €260k as a first-time buyer.

    The help to buy scheme should be worth €13k (5%). But everything I've read suggests you can only claim that back after you've bought the property.

    So in the above scenario, you would have to save a deposit of €26k + mortgage of €234k, and then you claim back the €13k after the sale.

    Is that correct?

    No that is not correct. Builder will factor in your HTB rebate provided you are eligible so you can apply for scheme prior to purchase by putting down a booking deposit and completing the Revenue requirements. Can take two - three months to complete the process.


  • #3
    Tusky
    Registered Users, Registered Users 2 Posts: 17,080 ✭✭✭✭Tusky


    morrga wrote: »
    No that is not correct. Builder will factor in your HTB rebate provided you are eligible so you can apply for scheme prior to purchase by putting down a booking deposit and completing the Revenue requirements. Can take two - three months to complete the process.

    So does the rebate go towards your 10% deposit? Or does come off the total price?


  • #4
    Colonel Claptrap
    Registered Users, Registered Users 2 Posts: 945 ✭✭✭Colonel Claptrap


    Tusky wrote: »
    So does the rebate go towards your 10% deposit? Or does come off the total price?

    Your deposit is 13k.
    The government provide 13k.
    The builder receives 26k.

    You then pay the balance of €234 (mortgage) when the house is ready.


  • #5
    Tusky
    Registered Users, Registered Users 2 Posts: 17,080 ✭✭✭✭Tusky


    Colonel Claptrap wrote: »
    Your deposit is 13k.
    The government provide 13k.
    The builder receives 26k.

    You then pay the balance of €234 (mortgage) when the house is ready.

    Ah great - so it goes towards deposit. Thanks for your help.


  • #6
    Galwayforliam
    Registered Users, Registered Users 2 Posts: 78 ✭✭Galwayforliam


    Does anyone know if Park developments is on the Revenue's HTB approved list? Clay Farm houses available at the end of this week and dont see them on the list?

    I also can't seem to login to Revenue's HTB section, the link keeps breaking - have they pulled it down in advance of budget??


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